Battery Recycling Market Research Report - Global Forecast till 2032

Battery Recycling Market Research Report Information by Chemistry (Lead-Acid, Nickel-Based, Lithium-Based and others), Application (Transportation, Consumer Electronics, Industrial and Others), By Processing State (Extraction of material, (Reuse, repackaging and second life), Disposal), By Recycling Process (Hydrometallurgy, Pyrometallurgy, lead acid battery recycling process, lithium-ion battery recycling process) By Material (Metals, electrolytes, plastics, others) Source (Automotive Batteries, Industrial Batteries and Consumer & Electron

ID: MRFR/E&P/8542-HCR | 188 Pages | Author: Chitranshi Jaiswal | March 2024         

Battery Recycling Market Speak to Analyst Request a Free Sample

Battery Recycling Market Overview


Battery Recycling Market Size was valued at USD 23.86 Billion in 2022. The Battery Recycling industry is projected to grow from USD 24.11 Billion in 2023 to USD 54.20 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.70% during the forecast period (2023 - 2032).


Growing environmental concern all over the world has made recycling of used products an essential task so as to respond to the global demand of reducing mankind’s carbon footprint in the long run.  Other major reasons accounting for this substantial growth of the market during the forecast period will comprise of rising concerns regarding depleting precious and rare earth metals, growing demand for recycled battery on the whole, and stringent government regulations and EPA (Environmental Protection Agency) guidelines aimed at reducing harmful emissions and reducing global pollution.


The battery recycling market growth is largely driven by rising concerns over battery waste disposal and strict government policies in light of the increased usage of lithium-ion battery. This increase in usage is attributable to the decline in lithium-ion battery prices and growing adoption of electric vehicles which largely depend on this battery type. The toxic waste that comes from manufacturing new batteries is much higher than the toxic waste generated while recycling of battery. That is a major reason many governments have introduced favorable regulations for this industry and these regulations are expected to have keep market trends growing upwards.


July 2023


EVE Energy Co. Ltd. and Li-Cycle Holdings Corp., two of the world's top lithium-ion battery resource recovery firms, are happy to announce that they have signed a memorandum of understanding ("MOU") to work together and investigate lithium-ion battery recycling options for EVE battery materials.


The MOU contains a framework for investigating environmentally sound recycling options for EVE lithium-ion battery components sold in the North American market as well as battery manufacturing waste produced at EVE's upcoming lithium-ion battery cell manufacturing facilities in Malaysia and Hungary. The partnership is anticipated to continue to assist the worldwide electrification revolution as well as EVE's environmental goals through a closed-loop supply solution. 


In addition to having a sizable manufacturing footprint for lithium-ion batteries in Asia, EVE has also declared plans to construct its first European battery manufacturing plant in Hungary. This facility will likely supply a significant global automaker with batteries for the creation of electric vehicles. A manufacturing plant for lithium-ion battery cells has also been announced by EVE for Malaysia.


Li-Cycle's advanced Spoke & Hub Technologies make it possible to recycle lithium-ion batteries, battery production waste, and important battery-grade elements like lithium, nickel, and cobalt in a secure and ecologically friendly manner. Li-Cycle's new technologies are positioned as a good recycling option for EVE's capacity to produce battery cells thanks to the total process's small environmental footprint, low direct greenhouse gas emissions, and low wastewater discharge.


July 2023


The recycling start-up Nth Cycle is establishing its first large-scale facility in Fairfield, Ohio, to manufacture a mixture of nickel and cobalt, which are essential components of lithium-ion batteries used to power electric vehicles and smart phones. The method used by Nth Cycle entails soaking the crushed residues of dead batteries in a water-based solution before extracting certain metals using a succession of electrified filters. It also functions with metal scrap, mine debris, and electronic trash.


This report provides and in-depth analysis of battery recycling global market value and provides insights regarding the various factors expected to be prevalent and affect the global battery recycling industry throughout the forecast period taken various market dynamics into consideration.


Battery Recycling Market Dynamics


Drivers


The global battery recycling market trends, during the forecast year, will be driven by a growing environment awareness worldwide. While manufacturing batteries is a relatively inexpensive procedure as compared to recycling them, the overall negative environmental impact that comes with manufacturing them is driving the governments towards recycling battery projects. To facilitate the players in the market, the governments have launched favourable regulations and policies which will further expand the global market share in the coming years


Opportunities


Major growth opportunities for the global battery recycling market lie in the technological advancements in the market. Innovative technological developments underway in this market will ensure creation of technologically advanced batteries recycling being developed by manufacturers. These innovations are estimated to create massive growth opportunities which will be conducive for the global market outlook during the forecast period.


The escalation in demand and production of hybrid vehicles and electric vehicle will be seen creating massive growth for the batteries market globally. However, with new batteries creating copious amounts of toxic metal waste, a major application here can be of similar metals through recycling. 


Restraints


The raw materials used in manufacturing new lithium-ion batteries – highest selling form of batteries – are available at a low costs, whereas recycling the same leads to very high costs. This will be a major restraining factor for the global market.


Also adding to this restraint is the existence of strong supply chains of raw materials vis-à-vis a massive comparative lack of the same for the recycling market. The low yield related to battery recycling is also likely to restrain the growth of the market in the coming years.  


Challenges


The global battery recycling market revenues will face a big challenge owing to the protection concerns associated with storehouses and the shipping of used batteries for recycling purposes. Growing focus on lithium ion battery recycling is a major recent global market trend observed in the recent years and various complications related to recycling the lithium-ion batteries, in the absence of relevant technologies, are also expected to hamper the overall market growth during the forecast period.


Battery Recycling Market - Value Chain Analysis / Technology Analysis / Regulatory Implications Outlook


Spent lead-acid batteries (LABs), widely scrapped from automobiles and electric bicycles, comprise solid waste and are classified as hazardous materials in many countries. Their disposal has become a significant global environmental concern. When car batteries and other lead-acid batteries are discarded in landfills, these toxic substances can leak into the environment. Therefore, recycling lead-acid batteries, while a rigorous process, is necessary to ensure that the different parts are safe to reuse after recycling.


With the depletion of high-quality lead ores, extraction costs are increasing exponentially hence, the global metallurgical industry is now focussing on recycled batteries as a significant secondary lead source globally.


Battery Recycling Market COVID-19 Analysis


With the widespread supply chain disruptions across the world and manufacturing processes hindered and/or suspended during the COVID-19 outbreak, the market growth was also hit. Issues such as labour shortages, raw material unavailability, stagnation of the global trade and subsequent delays in product installation in the market ecosystem have proven to be significant obstacles that the industry will have to adapt to. Delayed projects lead to increase in prices which, in turn, would further impede the market outlook. The report explains the impact at length and estimates the recovery time for the market growth in the near future.


Battery Recycling Market Competitive Landscape Insights


The major players in this market are spread across the world and have adopted effective strategies of expansions like agreements, partnerships, acquisitions, contracts, collaborations, investments, new technology launches, and divestments to enhance their position in the market.


List of the major companies in the global battery recycling market are:



  • Call2Recycle, Inc. (US)

  • Battery Solutions, LLC (US)

  • Exide Technologies (US)

  • Umicore (Belgium)

  • Exide Industries Ltd. (India)

  • Contemporary Amperex Technology Co. Ltd. (CATL) (China)

  • GEM Co., Ltd. (China)

  • EnerSys (US)

  • Johnson Controls International plc (US)

  • Aqua Metals, Inc. (US)

  • Retriev Technologies Inc. (US)

  • Gravita India Limited (India)

  • ECOBAT Logistics (UK)

  • Fortum Oyj (Finland)

  • Teck Resources Limited (Canada)

  • American Manganese Inc. (Canada)

  • Glencore International AG (Switzerland)

  • TES-AMM Singapore Pte Ltd (Singapore)

  • RSR Corporation (US)

  • COM2 Recycling Solutions (US)

  • East Penn Manufacturing Company, Inc. (US)

  • The Doe Run Company (US)

  • Raw Materials Company Inc. (RMC) (Canada)

  • Neometals Ltd (Australia)

  • Terrapure Environmental (Canada)

  • Gopher Resource LLC (US) 


Recent Developments in the Battery Recycling industry:



  • In order to promote CATL's localization in Europe and develop a sustainable battery value chain in order to help reach global carbon neutrality goals, CATL is pursuing strategic cooperation with local partners in Europe in the areas of cathode active materials and battery recycling.

  • As a global leader in stored energy solutions for industrial applications, EnerSys (NYSE: ENS) has announced a non-binding Memorandum of Understanding with Verkor SAS, a leading European battery technology company, to explore the development of a gigafactory for lithium batteries in the U.S.


Battery Recycling Market Segment Overview


This battery recycling market analysis report categorizes the market based on chemistry, source, processing state, and region.


By Chemistry



  • Lead-acid

  • Lithium-based

  • Nickel-based

  • Others

    • Alkaline

    • Mercury

    • Zinc-carbon

    • Zinc-air




By Processing State



  • Extraction of material

    • Reuse

    • repackaging

    • second life



  • Disposal


By Recycling Process



  • Hydrometallurgy

  • Pyrometallurgy

  • lead acid battery recycling process

  • lithium-ion battery recycling process


By Material



  • Metals

  • electrolytes

  • plastics

  • others


By Source



  • Automotive Batteries

  • Industrial Batteries

  • Consumer & Electronic Appliance Batteries


By Processing State



  • Extraction of Material

  • Reuse, Repackaging, & Second Life

  • Disposal


By Region



  • Asia Pacific

  • North America

  • Europe

  • Middle East & Africa

  • South America 


Battery Recycling Market Insights - Regional Analysis


The Asia Pacific region will be seen leading the market during the forecast period with the highest projected CAGR. An increase in the demand for electric vehicles and increasing environmental regulations in the APAC countries will be responsible for the growth of the Asia Pacific market. This market will be majorly driven by China, India, Japan, and South Korea.


Europe has always dominated the global recyclable battery market and a majority of its demand comes from countries like the United Kingdom, Germany, and Russia. In fact, Germany has retained its market leader position for lead-acid battery across Europe. Besides domestic consumption, Germany has also remained a regional hotspot for the trade of lead-acid batteries across the world.


The demand for battery cells in an environment friendly Europe is expected to exceed 300 GWh by 2026 – a growth attributable to the swift development in the electrification of transportation solutions owing to the European car OEMs. This will provide a massive boost and drive the market in Europe during the forecast period.

Report Scope:

Report Attribute/Metric Details
  Market Size 2022    USD 23.86 Billion
  Market Size 2023    USD 24.11 Billion
  Market Size 2032    USD 54.20 Billion
  CAGR   11.70% (2023-2032)
  Base Year   2022
  Forecast Period   2023-2032
  Historical Data   2019 & 2021
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Chemistry, Processing State, Recycling Process, Material, Application and Source
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Call2Recylce, Inc. (US), Exide Technologies (US), Battery Solutions, LLC (US), Umicore (Belgium), Exide Industries Ltd (India), Contemporary Amperex Technology Co. Ltd (CATL) (China), Aqua Metals, Inc. (US), Enersys (US), Johnson Controls International plc (US), Retriev Technologies, Inc. (US), Gravita India Ltd (India), Ecobat Logistics (US), Fortum Oyj (Finland), Teck Resources Limited (Canada), American Manganese Inc. (Canada), Neometals Ltd (Australia), and TES-AMM Singapore Pte Ltd (Singapore)
  Key Market Opportunities   stringent government regulations and EPA (Environmental Protection Agency) guidelines aimed at reducing harmful emissions and reducing global pollution
  Key Market Drivers   Rising concerns over battery waste disposal, Strict government policies in light of the increased usage of lithium-ion battery




Frequently Asked Questions (FAQ) :

The global market is predicted to grow at an 11.70% CAGR between 2023- 2032.

Battery Recycling Market is projected to be worth USD 54.20 Billion by 2032

Key contenders profiled in the global battery recycling market include Call2Recylce, Inc. (US), Exide Technologies (US), Battery Solutions, LLC (US), Umicore (Belgium), Exide Industries Ltd (India), Contemporary Amperex Technology Co. Ltd (CATL) (China), Aqua Metals, Inc. (US), Enersys (US), Johnson Controls International plc (US), Retriev Technologies, Inc. (US), Gravita India Ltd (India), Ecobat Logistics (US), Fortum Oyj (Finland), Teck Resources Limited (Canada), American Manganese Inc. (Canada), Neometals Ltd (Australia), and TES-AMM Singapore Pte Ltd (Singapore).

Demand for recycled batteries and focus to reduce environmental protection are the key factors driving the global battery recycling market growth.

Asia Pacific will lead the global battery recycling market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players‚Äô financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Request Free Sample

Why Choose Market Research Future?

  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.
Speak to Analyst
Leading companies partner with us for data-driven Insights.
Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response
Invalid